GetSwift has been hit with a $15M penalty and several of its directors have been slapped with substantial penalties after the company was found to have misled shareholders in breach of the Corporations Act.
A judge has grilled the former general counsel of defunct logistics company GetSwift about why he did not confront the company’s directors for “bullying” other executives when they raised concerns about alleged continuous disclosure breaches.
Dozens of provisions in Fujifilm’s contracts with thousands of small businesses are unfair and unenforceable, a court declared Friday in a case against the office supply company by the Australian Competition and Consumer Commission.
ASIC has called for a $15 million penalty against GetSwift and 12-year bans against its directors, who moved the logistics company overseas as the regulator’s enforcement action was on foot, a move the court on Tuesday said was “unprecedented”.
The Australian Competition and Consumer Commission is “close” to settling its case against office supply company Fujifilm over allegedly unfair contracts with small businesses, a court has heard.
Logistics company GetSwift and its directors have dropped their challenge to a judgment that found the company breached its continuous disclosure obligations with its “PR-driven” approach to ASX statements.
Logistics company GetSwift will argue on appeal that a judge who found the company took a “PR-driven approach” to ASX statements was wrong in his assessment of whether those statements contained material omissions.
Logistics company GetSwift and its directors are appealing a win for ASIC in the regulator’s case that alleged they breached their continuous disclosure obligations and engaged in misleading and deceptive conduct in the release of 22 ASX announcements.
Rio Tinto will face a penalty in proceedings brought by the Australian Securities and Investments Commission alleging the mining giant misled shareholders about the resources of a Mozambique mining company it acquired for $5.8 billion in 2011 and later offloaded for $70 million.
Logistics company GetSwift says it is considering an appeal of an 859-page judgment which lambasted the company and its directors’ “public relations-driven approach” to announcements on the Australian Stock Exchange.